I've signed my proposal and the creditor's meeting is on 9th Feb but I'm worried about Everyday Loans. I've heard they reject iva and their debt is about 28%. Any advice welcome please.
Depends on what percentage of the overall debt they hold but your company would not put the proposal forward if they did not think it had a good chance of being accepted.
Sharing from experiences of dealing with debt
The greatness of a man is not in how much wealth he acquires, but in his integrity and his ability to affect those around him positively.
Bob Marley. http://kallis3.blogs.iva.co.uk
It needs 75% by value of creditors who vote on the day to have it accepted - it's one of those that you will have to wait and see.
Sharing from experiences of dealing with debt
The greatness of a man is not in how much wealth he acquires, but in his integrity and his ability to affect those around him positively.
Bob Marley. http://kallis3.blogs.iva.co.uk
Unfortunately, they are not great supporters of IVA's.
Statistically, it is very likely they will vote against, however they do sometimes accept. If they are getting a good amount back that will help, if the loan has been going a while and you have had a change in circumstances then that will help also.
If, however, the loan is relatively recent and there is little change in your circumstances, then you may be fighting a losing battle.
This is only anecdotal evidence, but there you have it.
Regards.
Cert DR
23+ years in debt advice
I do not post for anyone other than myself
Thanks all - unfortunately I only took out this loan last August to try and consolidate some debt. They would be getting back 40p/£. I'm in for a long anxious wait!
I'm also confused.....my proposal gives the total amount owing with interest to Everyday Loans yet I've just read on this forum ( a post on 23 Jan) that the interest should be frozen and so the amount I owe according to my credit report would bring the figure below 25%. Any help greatly appreciated!
torandg wrote:I'm also confused.....my proposal gives the total amount owing with interest to Everyday Loans yet I've just read on this forum ( a post on 23 Jan) that the interest should be frozen and so the amount I owe according to my credit report would bring the figure below 25%. Any help greatly appreciated!
Interest is frozen from the date of the IVA being agreed -- if this has already been rolled into the loan it should be re-adjusted during the claims verification.
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014
